South African tribunal approves Harith-led consortium’s R7bn purchase of FlySafair — TimesLIVE
In South Africa, the Competition Tribunal has approved the acquisition of low-cost carrier FlySafair for R7 billion by a consortium led by Harith General Partners. The deal provides for the transfer of full control of the airline to the consortium, although the remaining conditions must still be met for it to be completed, TimesLIVE reports.
FlySafair began operating under its current brand in 2014. Before that, Safair had operated cargo flights and leased aircraft to other carriers, including South African Airways and Kulula, for decades. FlySafair now has about 60% of South Africa’s domestic aviation market and a fleet of more than 30 jet aircraft. At launch, the company had two aircraft flying between Johannesburg and Cape Town.
Plans of the new owner
Harith said it intends to retain FlySafair’s existing strategy and management, focusing on sustaining the company’s performance and creating long-term value. Harith CEO Sipho Makhubela described the investment as support for a successful South African business and stressed the importance of affordable air connectivity for tourism, trade and economic activity.
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FlySafair CEO Elmar Conradie said that, for the company’s passengers and employees, the ownership change process had proceeded in the usual working manner. According to him, the carrier expects to strengthen its position and expand South Africa’s passenger aviation market after the remaining conditions of the deal are met.
Ownership and regional routes
FlySafair’s ownership structure has already been the subject of regulatory attention. In 2022, two competitors filed complaints with national and international regulators over the structure of ASL Aviation Holdings, the airline’s owner. Following difficulties at the launch stage, FlySafair changed its ownership structure: South African employees received a 25.14% stake in the company to comply with the 75% local ownership requirement.
FlySafair already operates flights from South Africa to Mauritius, Zanzibar and Zimbabwe. The company is also awaiting the launch of routes to Zambia and Namibia in the new year. Harith has operated for 20 years, has assets worth more than $3 billion, and owns infrastructure assets in rail, airport operations, logistics and border-post management.
